Ethereum formed a significant volume spike and subsequent drop at the 3077 line during the previous round of gains, immediately followed by a large bearish candle that completely engulfed the prior gains. Structurally, this represents a weakening pattern after a failed high. Subsequently, several candlesticks showed weak rebounds, with highs continuing to decline, and the price remained constrained below previous highs, indicating significant selling pressure above. The bulls have not regained control of the pace, and currently, the market is still in a phase of corrective rebound rather than a trend upward. Looking at the hourly chart, although there was a pullback after the decline, the candlesticks displayed weak rebounds with fragmented small bullish candles, indicating that funds are more focused on reducing positions rather than actively chasing longs. Additionally, the lows have not effectively risen, structurally representing a technical correction after a decline. Once the rebound ends, there is still a demand for another downward retest. The short-term structure has not turned strong again, and overall, the market should be treated as oscillating with a bearish bias, with the mindset to not chase longs during the rebound and prioritize shorting at high levels.

Operation suggestion: short at 3000–3020, target around 2900. #ETH $ETH

ETHUSDT

Perp

2,966.31

-2.22%